EU Slaps Record Sanctions on Russia with Crypto Crackdown

The European Union has approved its 21st sanctions package against Russia in response to its invasion of Ukraine. This latest measure strengthens regulations on the banking sector and cryptocurrency networks, aiming to prevent circumvention through operators based outside of Russia.

The sanctions target over 100 banks and cryptocurrency operators, including 94 Russian financial institutions, such as the Moscow Stock Exchange. Among these, 33 banks will face transaction bans and be disconnected from SWIFT (Society for Worldwide Interbank Financial Telecommunication).

The EU has also directly prohibited transactions with several cryptocurrency platforms identified as being used for circumvention of sanctions by Russia. However, the names of the targeted operators have not been disclosed.